The Federal Board of Revenue will assign monthly and quarterly net revenue collection targets to the Large Taxpayer Units (LTUs) and Regional Tax Offices (RTOs) during the Chief Commissioners conference to be held on Thursday (today) to meet the annual target of Rs 1952 billion in 2011-12.
It is learnt here on Wednesday that all Chief Commissioners of LTUs/RTOs would clarify their positions about the gross or net sales tax reported during the month of June 2011. In this regard, the field formations have already informed the FBR Member Inland Revenue about the sales tax reporting system for the month of June 2011. It would be clarified that all the field formations would only report net sales tax collection in future.
The tax projections for all the field formations would be discussed in view of actual potential during 2011-12. The Chief Commissioners of LTUs/RTOs would also present data of withholding tax collection to the FBR with particular focus on potential areas of withholding tax collection. The field formations would inform the FBR about the number of restaurants and hotels where tax officers have been deputed to monitor the sales/turnover under section 40B of the Sales Tax Act, 1990.
The Chief Commissioners of LTUs/RTOs would submit progress reports on the sales tax collection from services sector and steel melters and other sectors. The cases of provisional assessment under section 122 (c) of the Income Tax Ordinance 2001 would also be shared during the conference. A thorough review of the performance relating to the all important issue of broadening of tax base (income tax and sales tax) would be under taken at the 4th Chief Commissioners Conference scheduled to be held on August 4, 2011.